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Book Cover
Author Steinberg, Chad, author

Title To fire or to hoard? : explaining Japan's labor market response in the Great Recession / Chad Steinberg and Masato Nakane
Published [Washington, D.C.] : International Monetary Fund, [2011]
Online access available from:
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Description 1 online resource (30 pages)
Series IMF working paper ; WP/11/15
IMF working paper ; WP/11/15
Summary The Great Recession pushed Japan's unemployment rate to historic highs, but the increase has been small by international standards and small relative to the large output shock. This paper explores Japan's cyclical labor market response to the global financial crisis. Our findings suggest that: (i) employment responsiveness has been historically low but rising over time with the increasing importance of the non-regular workforce; (ii) the labor market response was consistent with historical patterns once we control for the size of the output shock; and (iii) the comparatively lower employment response vis-à-vis other countries can in part be explained by the quick implementation of an employment subsidy program, a more flexible wage system, and a corporate governance structure that places workers rights above shareholders
Notes "January 2011."
At head of title: Asia and Pacific Department
Title from PDF title page (IMF Web site, viewed Feb. 23, 2011)
Bibliography Includes bibliographical references
Subject Financial crises -- Japan.
Global Financial Crisis, 2008-2009.
Labor market -- Japan.
Unemployment -- Japan.
Wages -- Japan.
Form Electronic book
Author Nakane, Masato, author
International Monetary Fund. Asia and Pacific Department, issuing body
ISBN 1283558076
1455212598 (E-Book)
Other Titles Explaining Japan's labor market response in the Great Recession